Robotics Industry News
QComp Joins ESOP Holding Company
QComp Technologies, Inc. Posted 05/10/2018
Robotics Integrator Becomes Part of OwnersEdge
Greenville, Wis. – QComp Technologies, a robotic systems integrator headquartered in Greenville, Wis., has become part of OwnersEdge Inc., an ESOP holding company based in metropolitan Milwaukee. As of May 1, all QComp employees are now 100% employee owners through the OwnersEdge ESOP. QComp was founded in 1990 by Tom Doyle and provides robotic packaging systems, material handling systems and automation line integration to clients throughout the United States and Canada.
“Over the years, I’ve been approached by numerous companies interested in buying QComp. I was attracted to OwnersEdge because an Employee Stock Ownership Program (ESOP) rewards my employees and invests in their future,” says founder Tom Doyle. “I also liked the fact that OwnersEdge is based in the Midwest and exhibited values that I appreciate – honesty, transparency and a commitment to its employee owners.”
All of QComp’s employees will continue with the company and its name and headquarters will remain the same. Lisa Reardon, president, CEO and chairman of OwnersEdge, will become CEO of QComp and work with the executive management team. For the past five years, Doyle has been transitioning daily operations to John Schwan, vice president of sales and marketing, and Greg Whitney, vice president of engineering and manufacturing. QComp and OwnersEdge have been engaged in acquisition discussions for the past 13 months.
To guide QComp toward future growth, an advisory board will be established and the company will adopt the OwnersEdge strategic planning process. OwnersEdge will also handle QComp’s human resources and administrative functions, along with integrating employees into the ESOP.
“QComp has been on a solid growth trajectory and we anticipate an acceleration as more companies implement robotic automation as a solution to the workforce shortage,” says Reardon. “With its national scope and the range of industries it serves, QComp brings revenue diversity to the OwnersEdge portfolio of businesses.”
With the addition of QComp, OwnersEdge now has four 100% employee-owned companies – BAYCOM Inc., CC&N, QComp Technologies and TourGuide Solutions – and more than 300 employees.
“Our ultimate goal is to have eight businesses in the OwnersEdge portfolio,” says Reardon. “We’re interested in companies that are poised for growth, have a healthy culture and are run by leaders who see the value in an ESOP model.”
Doyle graduated from the Milwaukee School of Engineering with a degree in electrical engineering, worked for GE and later founded QComp in 1990. The company has approximately 35 employees and works with clients in the glass, solar, consumer products, food, pharmaceutical, plastics, paper and metals industries.
OwnersEdge Inc. was formed in January 2015 as an ESOP holding company. Each of its portfolio companies are 100% employee owned. An Employee Stock Ownership Plan (ESOP) is an ownership model in which company employees have partial or full ownership of the value of the company, collectively. The benefits of ownership are typically considered part of a wealth development and/or retirement benefit strategy for employees. Each year, the value of the stock is established and reflected in employees’ accounts.
Based in Brookfield, Wisconsin, OwnersEdge Inc. is a 100% ESOP owned holding company that strives to invest in and build sustainable businesses throughout the Midwest. The affiliated companies within the OwnersEdge portfolio utilize their industry expertise to drive business growth and create value for stakeholders including customers, communities and the ESOP employee owners. The four companies in its portfolio – BAYCOM Inc., CC&N, QComp Technologies and TourGuide Solutions – provide diverse products and services to a variety of market segments ranging from public safety to construction to manufacturing and attractions. For more information, visit ownersedgeinc.com.